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credit card debt should i or shouldnt i

Valued Contributor

Re: credit card debt should i or shouldnt i

Chris679-the worst thing a lender can do to OP if CLD or close account if they see something going on with another lender during an AR. Universal default is dead and gone and they cannot RJ you unless you are late with THEM (can't RJ based on what's happening with a different creditor)
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
Message 11 of 29
Valued Contributor

Re: credit card debt should i or shouldnt i

Oops is CLD. **bleep** iphone
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
Message 12 of 29
Established Contributor

Re: credit card debt should i or shouldnt i

Hi OP,

  1. Does your wife have administrative skills? If yes, she should sign up with a minimum of 3 temp companies. I have been temping for 4 years.
  2. Since you have a house, are you taking the maximum number of exemptions that you can. A lot of people don't change their exemptions because they want larger refund checks. If you are doing this, STOP, and change your exemptions immediately.
  3. Call your mortage company and find out if you can have one or two payments attached to the end of the loan, which will give you some breathing room.
  4. Call your auto loan company and ask the same question.
  5. If you have cable, cancel the subscription immediately. IMMEDIATELY!!!
  6. Check around and make sure you have the lowest auto insurance available for your needs.
  7. The same with house insurance. Are you carrying too much?
  8. Call your creditors for all your credit cards and ask if there's anything that can be done to help you since your wife is unemployed or semi-employed. If you have a Discover card, someone posted just a few days ago that they have a plan for card holders that may need some assistance.

And, as sarge12 said, if all else fails, don't wait until the last minute to file BK.

 

Good luck OP.



EX 753, TU 778, EQ 779
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Message 13 of 29
Established Contributor

Re: credit card debt should i or shouldnt i

These are the years to be enjoying life....keep pushing for better pay.... Now this late in the game you will really have to see how bad credit will affect you.... it may not be that bad (IF) you already have car ...and housing....I mean can you list some things now you absolutely (need) that requires good credit?

Also is all this debt on joint acc.s ?

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
Message 14 of 29
Senior Contributor

Re: credit card debt should i or shouldnt i


Chris679 wrote:
I would not worry about them cutting limits or closing accounts but know that some or all will hit you with a penalty apr if you miss a payment with any lender. This could lead to your overall payments actually going up and not down. Call them all and ask for lower apr and consulting BK attorney seems like a prudent step.

OP- Do worry about AA. 

NFCU Platinum $7300- AMEX BCP $9000- PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- Care Credit $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 12/9/17** EX- 756(16) TU- 775(15) EQ- 742(15) UTI 8%- Clean Files
Message 15 of 29
Senior Contributor

Re: credit card debt should i or shouldnt i


fltireguy wrote:
Chris679-the worst thing a lender can do to OP if CLD or close account if they see something going on with another lender during an AR. Universal default is dead and gone and they cannot RJ you unless you are late with THEM (can't RJ based on what's happening with a different creditor)

Not true.

NFCU Platinum $7300- AMEX BCP $9000- PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- Care Credit $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 12/9/17** EX- 756(16) TU- 775(15) EQ- 742(15) UTI 8%- Clean Files
Message 16 of 29
Senior Contributor

Re: credit card debt should i or shouldnt i

Universal Default is all about increasing interest rates. Nothing to do with CLD or account closures.

Other creditors CAN AND WILL impose AA if they see another account that becomes delinquent.

They can CLD or close your account anytime they feel like it with or without reason.

NFCU Platinum $7300- AMEX BCP $9000- PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- Care Credit $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 12/9/17** EX- 756(16) TU- 775(15) EQ- 742(15) UTI 8%- Clean Files
Message 17 of 29
Super Contributor

Re: credit card debt should i or shouldnt i


whitsend66 wrote:

hi,

 

i'm in a real pickle. wife lost her job and she can only find part time minimum wage. $200 a week take home if were lucky. thats been going on for about a year she is now 60 yrs old

 

our mortgage , car payment utilities and minmum credit card payments eat up my entire paycheck.

i'm doing side jobs after work to keep some kind of food in the house.

 

we have no late payments on any of our bills but i feel things starting to slip away.

 

any suggestions on what i should do about the 5 credit cards with balances totalling around $17k

 

i keep thinking maybe not paying on one of the cards and using that money to pay off the others.. i'm at my whits end

 

suggestions would be appreciated

 

 


OP I feel your pain, many of us including me have been there.

 

But trust me, going into default on any one of your accounts will cause a world of pain, so keep making those payments come hell or high water. In this cut throat society defaulting is not a viable option.

 

Obviously you and your wife are trying to increase income and/or cut expenses, but as to payment of the credit cards I think you should use the 'snowball' method:

 

1. stop using the credit cards

2. take the account with the smallest balance, and pay as much as you can on it at every opportunity

3. for the other accounts, pay minimum + $2 on each account

4. once you get the smallest account paid off, then move on to the next smallest account

 

each time you knock off an account, you have that much more money to pay on the others

 

if things get impossible you should just consult with a bankruptcy lawyer who can advise you on options that will give you some peace.

FICO8 EQ 721 TU 772 EX 777 Total revolving credit 500k
Message 18 of 29
Senior Contributor

Re: credit card debt should i or shouldnt i


fltireguy wrote:
Chris679-the worst thing a lender can do to OP if CLD or close account if they see something going on with another lender during an AR. Universal default is dead and gone and they cannot RJ you unless you are late with THEM (can't RJ based on what's happening with a different creditor)

BTW- Other creditors still can raise interest rates if you're late on payments with other creditors. Or for any other reason for that matter. But only on new balances and they have to give you 45 days notice that they are doing so. They must let you pay your existing balance under the same terms.

 

 

NFCU Platinum $7300- AMEX BCP $9000- PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- Care Credit $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 12/9/17** EX- 756(16) TU- 775(15) EQ- 742(15) UTI 8%- Clean Files
Message 19 of 29
Established Contributor

Re: credit card debt should i or shouldnt i

Wonder how long it will stay that way...isn't that part of Dodd-Frank that the billionaires want to gut. After all it cuts into their profits how can they make money off the next recession.

Message 20 of 29